You are a 75 - year - old woman married to a 70 - year - old man. You want to buy an immediate fi xed life annuity that will pay $2,500 a month (pretax) until the fi rst of you dies, and then

$2,000 a month until the second of you dies. The company you are dealing with promises 6% growth on all accounts. Estimate the premium (assume that today is your seventy - fi fth and his seventieth birthday).